A challenge to Warren Buffett—practice what you preach or SHUT THE HECK UP!

If he thinks he’s benefited unfairly from the tax code, my challenge is for him to have his accountants go back through all his tax returns, recalculate all his capital gains at the top income tax rate for each year, and submit revised tax returns (that’s form 1040X by the way).

Once that’s done, I want to see him hold a press conference and show us the check made out to the IRS with the amount of the difference on the 1040X. If he’s not willing to do that, he’s just a blowhard and should be ignored.

And I don’t care how much he gives away every year, an activity that also benefits him on his taxes. But that’s not the point he makes when he complains about paying a lower tax rate than his secretary. Maybe he should pay his employees with stock options so they pay the same tax rate as he does so then he has nothing to complain about. But you have to wonder, how much would he give away without the tax benefit? In ‘fairness’, maybe the charitable deductions should be excluded on the 1040X as well.

I realize Warren Buffett doesn’t care what I think. So the question is; why should I care what he thinks?

Warren Buffett is just a willing pawn in Obama's redistribution of wealth chess game. He has no intention of putting his money where his mouth is. He has an angle that will further fill his coffers somehow. Bet on it. Buffett isn't a politician or ideologist, he's a money maker. And he's very good at it.

ETA: On second thought, more likely Obama is a pawn in Buffett's game.

He, at any time, is free to write a check to the IRS, and make payment towards the Federal Deficit.

This BTW, is tax deductible.

He of all people should shut the hell up.....or pay up.

He does not have to worry about paying his rent, buying his next vehicle, going on vacation, putting his kids through college and how much health insurance for him and his family will take out of his weekly paycheck.

He's spewing his bile for a political agenda, when he's stinking rich and not doing anything but hoarding even more cash.

How many fellow Americans could he really help out, without actually taking him to the point where he doesn't have the money to live out the rest of his life?

Warren Buffett is just a willing pawn in Obama's redistribution of wealth chess game.

Obama rejected that thesis, out-of-hand. "This is not class warfare, it's math," the president said.
International Business Times - 2 days ago

And I agree.

"92 percent prefer Swedish model to US model when given a choice

Americans generally underestimate the degree of income inequality in the United States, and if given a choice, would distribute wealth in a similar way to the social democracies of Scandinavia, a new study finds.

For decades, polls have shown that a plurality of Americans -- around 40 percent -- consider themselves conservative, while only around 20 percent self-identify as liberals. But a new study from two noted economists casts doubt on what values lie beneath those political labels.. ... 92 percent of Americans would choose to live in a society with far less income disparity than the US, choosing Sweden's model over that of the US.

Recent analyses have shown that income inequality in the US has grown steadily for the past three decades and reached its highest level on record, exceeding even the large disparities seen in the 1920s, before the Great Depression. Norton and Ariely estimate that the one percent wealthiest Americans hold nearly 50 percent of the country's wealth, while the richest 20 percent hold 84 percent of the wealth.
...

But in their study, the authors found Americans generally underestimate the income disparity. When asked to estimate, respondents on average estimated that the top 20 percent have 59 percent of the wealth (as opposed to the real number, 84 percent). And when asked to choose how much the top 20 percent should have, on average respondents said 32 percent -- a number similar to the wealth distribution seen in Sweden.

"What is most striking" about the results, argue the authors, is that they show "more consensus than disagreement among ... different demographic groups. All groups – even the wealthiest respondents – desired a more equal distribution of wealth than what they estimated the current United States level to be, while all groups also desired some inequality – even the poorest respondents."
...Study: Most Americans want wealth distribution similar to Sweden | The Raw Story

The problem isn't wealth concentration per se, rather, the distortion of political processes it causes.

Warren Buffet stands to gain a lot by increasing the tax pressure on the rich….he built much of his wealth off the Inheritance / death tax…..and increased income tax would help much in the same way. When overly taxed they (the rich or their kids) have to sell things (think corporations) because most of their wealth is tied up in the companies they built and does not exist in real cash dollars. So the tax bill gives Warren bargain basement prices on companies (or stock etc.) which he can then resale for huge profits (after dismantling it for better looking books.) Think of him as a fat corporate vulture. Meanwhile most of his money sets in trusts, charities, and other untaxable forms. So why would he care if he had to pay a few million more in taxes when he can make Billions?

And here I thought it was just his altruism at work. Money?, nah, Warren Buffet doesn't care about making money.

Socialism for the rich; it rings true of what we see happening. If they get their way there will only be 2 classes of people; the rich and their servants. There will be no middle class, no welfare class; we will all be proletariats.

Obama rejected that thesis, out-of-hand. "This is not class warfare, it's math," the president said.
International Business Times - 2 days ago

And I agree.

"92 percent prefer Swedish model to US model when given a choice

Americans generally underestimate the degree of income inequality in the United States, and if given a choice, would distribute wealth in a similar way to the social democracies of Scandinavia, a new study finds.

For decades, polls have shown that a plurality of Americans -- around 40 percent -- consider themselves conservative, while only around 20 percent self-identify as liberals. But a new study from two noted economists casts doubt on what values lie beneath those political labels.. ... 92 percent of Americans would choose to live in a society with far less income disparity than the US, choosing Sweden's model over that of the US.

Recent analyses have shown that income inequality in the US has grown steadily for the past three decades and reached its highest level on record, exceeding even the large disparities seen in the 1920s, before the Great Depression. Norton and Ariely estimate that the one percent wealthiest Americans hold nearly 50 percent of the country's wealth, while the richest 20 percent hold 84 percent of the wealth.
...

But in their study, the authors found Americans generally underestimate the income disparity. When asked to estimate, respondents on average estimated that the top 20 percent have 59 percent of the wealth (as opposed to the real number, 84 percent). And when asked to choose how much the top 20 percent should have, on average respondents said 32 percent -- a number similar to the wealth distribution seen in Sweden.

"What is most striking" about the results, argue the authors, is that they show "more consensus than disagreement among ... different demographic groups. All groups – even the wealthiest respondents – desired a more equal distribution of wealth than what they estimated the current United States level to be, while all groups also desired some inequality – even the poorest respondents."
...Study: Most Americans want wealth distribution similar to Sweden | The Raw Story

The problem isn't wealth concentration per se, rather, the distortion of political processes it causes.

What "poll" was this goofy ?

The one the kenyans followers made up at "raw story", Americans would prefer a burned out failing European socialist economic system as opposed to a free and prosperous society.....say mr welfare maybe we could be like greece too

Your foolish little "poll" never mentioned who pays the majority of taxes in America, and pays your welfare check either, go get a job you bum.

The "NY Post" is just another Murdoch rag. Editorially it's no different from Fox.

There is far, far too much idiocy on tap here to rebut it all, and I'm busy, so I'll just poke holes in the really low-hanging stupidity for awhile. Like that.

This whole "Buffett should just pay more if he thinks the super-rich pay too little taxes" is also stupid. Buffett is simply advocating what he knows to be better tax policy than what we currently have. There is no hypocrisy in that.

The "NY Post" is just another Murdoch rag. Editorially it's no different from Fox.

There is far, far too much idiocy on tap here to rebut it all, and I'm busy, so I'll just poke holes in the really low-hanging stupidity for awhile. Like that.

This whole "Buffett should just pay more if he thinks the super-rich pay too little taxes" is also stupid. Buffett is simply advocating what he knows to be better tax policy than what we currently have. There is no hypocrisy in that.

Cutting off you welfare pukes would save us trillions in just one year, making the other 50% pay their fair share of federal income taxes could cut the debt in half.

FSW, you missed the link to the Huffington Post then? LOL Same basic story.

Here is the facts:

Old Warren owes back taxes from 2002 to the present.

He talks about personal income taxes, and wants us all to not notice that his COMPANY that he runs himself, and is head of, is disputing OVER A BILLION DOLLARS IN BACK TAXES.

Hypocrite much there Warren?

If you want to pay more, why dispute the IRS?

If you want to change tax laws, talk about that, don't talk about how he should be taxed more to support an Idiot like Obama's quest to raise a few billion in the face of the trillions he's spent chasing a flawed economic theory.

If you raised taxes on those making over a million, you will end up with less than 30 billion extra in taxes collected.

What will 30 billion do in a time when we are debt over 14 trillion?

SPENDING HAS TO BE CUT.

And want more than 30 billion in taxes? Drop income taxes for everyone, including companies/business, and put a flat 10% Federal sales tax.

Everyone pays their fair share then.

And when you consider than those over a million in income spend more than 33% of the total purchases each year, yet are less than 2% of the total population, they will in effect PAY HIGHER TAXES.

Parnelli, I've already explained why Buffett is right several times in other threads. You and your cult mates can keep posting new threads all you like. It will never change the underlying fact that you're a bunch of foolish shills for the plutocracy.

And you, Parnelli, are a really funny one.

Originally Posted by Parnelli

Socialism for the rich; it rings true of what we see happening. If they get their way there will only be 2 classes of people; the rich and their servants. There will be no middle class, no welfare class; we will all be proletariats.

One might actually think you understood something of the situation, until reading the rest of your posts, in which you not only advocate giving the super-rich everything they want, but accuse those who wouldn't of communism and treason! Yes, you are one confused dude, but a dutiful right-wing cultist.

About the only thing that you have shown us free is your ineptitude for truth, intolerance for anyone who doesn't think like you, and inablility to cope with a dissenting opinion beyond insulting the offender; i.e. your true colors!

After ten or so back and forths with certain posters, including yourself, in which I patiently explained, with considerable detailed facts and supporting evidence, why I believe what I do about the various topics under "discussion," only to be stupidly accused of communism and treason and so forth, that you continue to insult and claim I'm the one doing the insulting is of no consequence whatsoever.

Is it an insult to refer to you as cultists? It's nothing my accusers haven't done far more of, worse and first. At least I can explain exactly how and why you act just like a cult, and have done so.